Options are always a good thing- whether it’s the type of fruit selection in a grocery store or school to send your child to. Options are a benefit, especially in a consumerist nation. But did you know there’s an Option Contract with Real Estate?
This is going to be increasingly popular and important for my fellow millennials. If you are currently renting, reach out to your Property Owner or Property Manager immediately and ask about an Option Contract! This contract allows a tenant to have first dibs on a property they are currently renting if that property is being sold you have the right to buy it first. Also, some of your hard earned money might be able to go into the purchase.
Owner Financing options are also great for people who have less than perfect credit or have trouble financing through a traditional bank or lender. In some Option Contracts the Owner will finance the property and hold paper until the loan is paid off. Most definitely use a Realtor, Broker or Lawyer to help with this negotiation and have solid leases and contracts- I’ve heard one too many stories about someone who lost their deposit money by going directly through the property owner and not a firm, due to change of mind or heart to never seeing their money again.
Still have questions? The LandLady is here to help! Email me with any questions at Sarah@alpinelakes.com for more help with buying, selling, renting or to get tips for tenants.